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BUSINESS PROFILE MUSX Corporation (MUSX) was incorporated as MUSIC Semiconductors Corporation on January 29, 1992. MUSX was established to engage in the creation, design, development and manufacture of specialty semiconductor products and to market and sell the same to customers worldwide. However, in 1999, with the approval of its shareholders, the company became a holding company which lasted until 2003, when it reverted to its prior state, being a semiconductor operating company. On December 15, 2008, the Securities and Exchange Commission approved the change in MUSX's primary purpose from a semiconductor company to a holding company, and the change in its corporate name from Music Semiconductors Corporation to its present name. MUSX's sole operating business remains the semiconductor business, organized under MUSIC Semiconductors Philippines Inc. (MSPI). However, initial steps in pursuit of other business opportunities were begun. MUSX executed a heads of agreement, in partnership with Lodestar investment Holdings Corporation (LIHC), on September 24, 2008 with Abacus Consolidated Resources Holdings, Inc. (ABA) in connection with the possible acquisition by MUSX/LIHC of all the shares of Abacus Coal Exploration Development Corporation (Abacoal), a subsidiary of ABA. Abacoal owns the rights over coal reserves in an area of 7,000 hectares in Surigao del Norte. The due diligence is now essentially complete, and negotiations with the parties involved continue. On October 2008, MUSX acquired a strategic stake of 13.11% in Lodestar Inc. As of December 31, 2008, MUSX holds direct interests in MSPI, Music Semiconductors, Inc., Musem Electronics N.V., and Protelcon, Inc. Source: SEC Form 17-A (2008) |
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